Manappuram announces NCD issue

Manappuram Finance Limited (MFL) announced the public issue of non-convertible debentures aggregating Rs 100 crore (with an option to retain over-subscription up to Rs 100 crore) for a tenure ranging from 400 days to 70 months.

The NCDs will have an effective yield of up to 12.61 per cent per annum. Addressing a press conference, VP Nandakumar, managing director and CEO, said the favourable climate post the increase in loan-to-value ratio had been a positive for the organised gold loan sector.

The funds raised by the NCD issue will be utilised in augmenting capital expenditure and meeting the working capital requirements.